飞南资源成立于2008年8月22日，于2023年9月21日在深圳证券交易所上市，注册地址位于广东省，办公地 址位于广东省。它是国内领先的有色金属危险废物处置及再生资源回收利用企业，具备全产业链优势。 公司主营业务为有色金属类危险废物处置业务及再生资源回收利用业务，所属申万行业为环保 - 环境治理 - 固废治理，所属概念板块包括有色铜、固废处理、黄金股核聚变、超导概念、核电。 经营业绩：营收行业第二，净利润第十七 2025年三季度，飞南资源营业收入达107.07亿元，行业排名2/35，高于行业平均数33.34亿元和中位数24亿 元，行业第一名浙富控股营收为161.55亿元。同期净利润为2.17亿元，行业排名17/35，行业平均数为3.69 亿元，中位数为2.13亿元，行业第一名伟明环保净利润22.38亿元，第二名瀚蓝环境18.28亿元。 资产负债率高于同业平均，毛利率低于同业平均 图：飞南资源净利润及增速 A股股东户数较上期增加50.10% 截至2025年9月30日，A股股东户数为1.67万，较上期增加50.10%；户均持有流通A股数量为8416.41，较上 期减少6.73%。 图：飞南资源营收及增速 风险提示 ...

Core Viewpoint - Zijin Mining is a significant player in the global mining industry, focusing on mineral resource exploration and development, with a strong financial performance in 2025 Q3, ranking second in revenue and first in net profit within its industry [2][3]. Financial Performance - In Q3 2025, Zijin Mining reported a revenue of 254.2 billion yuan, ranking second in the industry, while the top competitor, Jiangxi Copper, achieved 396.05 billion yuan [2]. - The net profit for the same period was 45.7 billion yuan, leading the industry, with the second-place Luoyang Molybdenum reporting 16.49 billion yuan [2]. Profitability and Debt Management - The company's debt-to-asset ratio was 53.01% in Q3 2025, lower than the previous year's 55.38% and below the industry average of 54.12%, indicating improved debt management [3]. - Zijin Mining's gross profit margin was 24.93%, up from 19.53% year-on-year and significantly higher than the industry average of 10.36%, reflecting strong profitability [3]. Executive Compensation - Chairman Chen Jinghe's compensation for 2024 was 7.4752 million yuan, a decrease of 574,000 yuan from 2023 [4]. - President Zou Laichang received 7.2376 million yuan in 2024, down by 802,100 yuan from the previous year [4]. Shareholder Information - As of June 30, 2013, the number of A-share shareholders decreased by 1.30% to 893,900, with an average holding of 17,700 circulating A-shares, which increased by 1.31% [5]. - By September 30, 2025, major shareholders included Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable reductions in holdings for several ETFs [5]. Production and Cost Management - According to Zhongtai Securities, Zijin Mining experienced increases in both volume and price for its main products in the first three quarters of 2025, with stable cost management [6]. - The company is expected to achieve net profits of 51.4 billion, 66 billion, and 70.5 billion yuan from 2025 to 2027, maintaining a "buy" rating [6]. Market Outlook - Galaxy Securities noted that the gold segment contributed significantly to performance growth in Q3 2025, with increased production and sales prices for various mineral products [6]. - The company is projected to achieve net profits of 51.7 billion, 68.1 billion, and 75.2 billion yuan from 2025 to 2027, sustaining a "recommended" rating [6].